Welcome, Hunter I shall call you Ishmael.
Hunting for an apartment is like hunting for a whale. I've often said to my clients---if you're here to hunt the White Whale, I won't go on that journey with you. I never have and never will. He doesn't exist to my mind. But if he does to yours, the least I can do for you, since the journey for finding him must be perilous, is teach you everything I know. Here's my guide.
The Boston Real Estate Rental Market: Learn the Ins and Out in Advance
Boston's Rental market moves lightning quick. Literally hundreds of real estate offices have thousands of agents who's sole function, day in and day out, is to move property. An apartment you view today could be rented by another party within minutes of you seeing it. Nothing to be done about it because a deal's a deal--and the first rabbit in the hole, gets the hole. All that work you did leading up to a second place finish means only you'll have more work to do---and trust me, it will be suck for you---because in my experience, which is informed by tens of thousands of observations, Nobody is delighted as much by their second choice as they are their first.So, this writing, this article serious is my gift to you, Greater Boston. You've been so good to me over the years, here is for you now your backstage pass to Greater Boston's rental market. This article series will educate and illuminate you with a sufficient knowledge base and insight into this market we share. Upon this base you can stand well balanced and by this insight you will a vital competitive edge over your less-balanced and short-sighted competition during your housing search. In other words, this writing is an electronic emblem of my primary living function in this market---to be a 24/7 Beacon, a guide to serve and protect you as a special agent---who helps you always save time and money, and enables you to make a well-informed and highly crucial decision at this cross-roads you now stand at, but also to do it swiftly because as you may hear some of us say, Time is of the Essence. And money represents your life-force, if you think about it.
Topics Covered:
Do it Yourself or Get a Real Estate Agent? - Where to Start Looking for Apartment
Super Agent Man or Super Waste of Your Time? - How to Tell if the RE Agent is Worth the Cost of a Phone Call
Real Estate Agent Fees Explained - An Explanation of No Fee, Half Fee and Full Fee Apartment
Looking for an Apartment With Roommates? - Get Your Ducks In a Row
Cats and Dogs and Snakes - Pet Friendly Apartment Searching
What to Do with Your Car - Off Street vs. On Street Parking in Boston
Boston Rental Market Timing - Know when to Start Looking
Preparing for an Appointment - What You Need on the Day of Showing
Upfront Costs and Lease Addenda - Make Sure Your Lease is Kosher
Size, Location, Price
The Three Principle Factors That Will Govern Your Apartment Search
A housing search in Boston is like a game of musical chairs. You played this game as a child, you may remember that music plays while you and your playmates walk in a circle around a set of chairs for a little while. In a coy fashion, because you think it is a game. Always there is one less chair than the number of people walking in circles. You walk eying the place where your butt may need to rest. Your anxiety level soon grows and the coyness on your cute little face disappears and is replaced by a rapacity. Some of you when you were younger literally licked your chops! This is you realizing its not a game, if it is--its that's second. First and foremost it is a training sequence for your mind to help it learn a vital evolutionary lesson--if you're not first, you could be last and if not last you could be left out.
And then it happens. The music stops playing! You scramble for the nearest chair fighting off one of your friends. Remember how vicious the fight becomes when the music stops playing. Little boys and girls will throw elbows and deliver smacks and claws to the surrounding faces. That viciousness of youth has followed you to Boston. Welcome Pilgrim and primitive viciousness too. Competition for housing is very much the same way as a seat in musical chairs. So what, your guide is aware, and the primitive function has been accounted, has been reduced and nearly eliminated.
Whether you are Bill Gates or Joe Schmoe, the Three Principle Factors that govern your housing search are Size, Location and Price. Negotiating with the Boston rental market on price is not an easy task. It is one of the oldest real estate markets in the country and consequently the price per square foot of real estate here has already been settled. Of course, major catastrophe could resettle it---but barring the arrival of some version of the Four Horsemen, the Price is the Price is the Price is the Price and you pay it one way or another. And you know all the reasons why---how many layers of overlapping supply create overlapping demand in this market? It truly is one beauty Multifoliate Mystical Rose.
The edges of negotiability have already been rounded by 400 years of negotiators using the exact same set of negotiation tactics available to you now. On any given day, there are thousands of people looking for housing here. Its a matter of numbers first before words enter the equation. Likelihood is great, greater and greatest that even after 10 rounds of qualifying your need down to the rawest most essential truth of the matter, there's still 9 other folks exactly like you (maybe with just a few nano-meters of difference in your atomic structure, maybe).
So, Pilgrim---here this and don't be stung by it---No matter who you are or the money you are willing to spend, on any given day, there is likely to be many people wearing exactly the same shoes you are wearing, hunting the exact same type of housing, eying the exact same parcel. Musical chairs.
Therefore, steel yourself for the fight ahead. Prepare. Prepare to strike. Your strike must be swifter. Swifter not more powerful. Which means, you must cut the time cost down and strive to cut it down to nothing if you can. Accepting the truth and way is the first step to reducing time cost.
This acceptance is a good precondition that will carry you will into your housing search. More important than the ability to negotiate is the ability to compromise. You must, in advance of your search, decide what is most important to you. Ask yourself the following questions: Are you budget minded? Carrying around years of possessions? Dying to live in a certain location no matter the cost? Identify the most important of the Three Principle Factors governing your search---Size, Location, Price---single out one of the Three to be your favorite, which is it?
Good! With one factor set as control, the other two become subservient factors and are easily variable. You are ready to begin your search.
Realistic Examples of Compromise in Boston
Looking for a two bedroom apartment in the Back Bay? You are certain to find yourself in a compromise situation. A true two bedroom apartment (actually has a living room) in this location will range from $2000 to above $5000, depending on how many luxury features are present. The lower end of this range in this location of course will be ground level or basement apartments. A "normal" price range for two bedroom apartments, decent condition, in the Back Bay: semi-modern kitchen and bathroom, a responsive management company, upper floor with good light---ranges between $2500 and $3000.
Can't afford to pay this price? When Price works against you, reach for one of the following compromises:
A housing search in Boston is like a game of musical chairs. You played this game as a child, you may remember that music plays while you and your playmates walk in a circle around a set of chairs for a little while. In a coy fashion, because you think it is a game. Always there is one less chair than the number of people walking in circles. You walk eying the place where your butt may need to rest. Your anxiety level soon grows and the coyness on your cute little face disappears and is replaced by a rapacity. Some of you when you were younger literally licked your chops! This is you realizing its not a game, if it is--its that's second. First and foremost it is a training sequence for your mind to help it learn a vital evolutionary lesson--if you're not first, you could be last and if not last you could be left out.
And then it happens. The music stops playing! You scramble for the nearest chair fighting off one of your friends. Remember how vicious the fight becomes when the music stops playing. Little boys and girls will throw elbows and deliver smacks and claws to the surrounding faces. That viciousness of youth has followed you to Boston. Welcome Pilgrim and primitive viciousness too. Competition for housing is very much the same way as a seat in musical chairs. So what, your guide is aware, and the primitive function has been accounted, has been reduced and nearly eliminated.
Whether you are Bill Gates or Joe Schmoe, the Three Principle Factors that govern your housing search are Size, Location and Price. Negotiating with the Boston rental market on price is not an easy task. It is one of the oldest real estate markets in the country and consequently the price per square foot of real estate here has already been settled. Of course, major catastrophe could resettle it---but barring the arrival of some version of the Four Horsemen, the Price is the Price is the Price is the Price and you pay it one way or another. And you know all the reasons why---how many layers of overlapping supply create overlapping demand in this market? It truly is one beauty Multifoliate Mystical Rose.
The edges of negotiability have already been rounded by 400 years of negotiators using the exact same set of negotiation tactics available to you now. On any given day, there are thousands of people looking for housing here. Its a matter of numbers first before words enter the equation. Likelihood is great, greater and greatest that even after 10 rounds of qualifying your need down to the rawest most essential truth of the matter, there's still 9 other folks exactly like you (maybe with just a few nano-meters of difference in your atomic structure, maybe).
So, Pilgrim---here this and don't be stung by it---No matter who you are or the money you are willing to spend, on any given day, there is likely to be many people wearing exactly the same shoes you are wearing, hunting the exact same type of housing, eying the exact same parcel. Musical chairs.
Therefore, steel yourself for the fight ahead. Prepare. Prepare to strike. Your strike must be swifter. Swifter not more powerful. Which means, you must cut the time cost down and strive to cut it down to nothing if you can. Accepting the truth and way is the first step to reducing time cost.
This acceptance is a good precondition that will carry you will into your housing search. More important than the ability to negotiate is the ability to compromise. You must, in advance of your search, decide what is most important to you. Ask yourself the following questions: Are you budget minded? Carrying around years of possessions? Dying to live in a certain location no matter the cost? Identify the most important of the Three Principle Factors governing your search---Size, Location, Price---single out one of the Three to be your favorite, which is it?
Good! With one factor set as control, the other two become subservient factors and are easily variable. You are ready to begin your search.
Realistic Examples of Compromise in Boston
Looking for a two bedroom apartment in the Back Bay? You are certain to find yourself in a compromise situation. A true two bedroom apartment (actually has a living room) in this location will range from $2000 to above $5000, depending on how many luxury features are present. The lower end of this range in this location of course will be ground level or basement apartments. A "normal" price range for two bedroom apartments, decent condition, in the Back Bay: semi-modern kitchen and bathroom, a responsive management company, upper floor with good light---ranges between $2500 and $3000.
Can't afford to pay this price? When Price works against you, reach for one of the following compromises:
- Size Compromise -- Stay in the Back Bay and rent what is called at Split Two Bed. A Split Two Bed is really a One Bedroom apartment that has been split in two, converting the living room to the second bedroom. Prices for Split Two Beds (a.k.a. One Bed Splits, Realtor-Speak) in Back Bay/Fenway areas range from $1800 to $2500, depending on updates/floor level.
- Location Compromise - $2500 and $3000 too much? Split apartment too small? Choose the size you want in "outbound locations" (e.g. Allston, Brighton, Brookline, Cambridge, Jamaica Plain or Mission Hill) 2-beds in Allston/Brighton/JP/Mission Hill start as low as $1250, in Brookline/Cambridge as low as $1700.
- You can have all the space you want in the location you want, as long as price is no object;
- You can have all the location you want for the price you want, as long as you can get small;
- You can have all the space you want for the price you want, as long as you get the heck of out Dodge ;)
Secret Tip: (Price Compromise Big Picture Outlook) Based on a heavily tested average, it is true that you are never more than $200/mo away from having your desired size in your desired location. Most of the time, it is only $200 per month that separates you from your own personal paradise (just under 7 dollars per day ;) If you crunch your personal budget wisely---you will quickly find this extra $200. If you'd like to take this shot at giving Price a beat-down, consider first the Hidden Factors of choosing a Size and Location compromise:
Size Compromise Hidden Cost: You might choose getting small to fit in, which could include dealing with an overstock of furniture or clothes or supplies. The Size Compromise will require you to either sell what won't fit, pay for storage, or both. The cost of either of these actions will be close to the amount you save by not springing for the full-bird.
Location Compromise Hidden Cost: Moving outbound requires train and/or bus fare on a daily basis and distance from centralized activities which include social life and business networking events on top of added transit time just to maintain your regular work week. The Location Compromise immediately creates the potential for hours of idleness racked up each week you spend commuting. If you figure in a bare minimum net extra 1-hour commuting each day translates to nearly a 2-week "vacation" of time-value you give yourself by staying within walking distance of your daily pursuits. How do you value 2 weeks? (hint: its $200/mo.)
Hidden Bonus: So, if you adjust your line of thinking on the matter you will realize there really isn't any need to Compromise either Size or Location on account for Price. Just work your budget and treat your own personal time honorably.
Here's one quick line item in your expense column you can eliminate by living closer to your work or school: The Gym!! Being able to walk to work/school on a daily basis also accounts for daily exercise and reduces the size of your fitness budget.
Do it Yourself or Get a Real Estate Agent?
Where to Start Looking for Apartments
It is true that you can find an apartment on your own without help from a real estate agent. However, if you use an agent you will significantly reduce the time and energy spent doing it yourself. You also reduce the likelihood of being taken for a ride by a slumlord. They are out there and we know who they are.But, if you insist on being a Do It Your-Selfer, here are some tips you'll need along that path. If you are like most of the clients I've had over the years, you are going to want to see more than one place before you decide to rent one. You want to survey the market and see what your money will get you.
Broker's Guide for the Do It Your-Selfer
You may have specific needs and desires. You may have a limited budget. You may have a pet. Maybe not-so-good credit history. Maybe you're highly allergic to mold. Maybe you've had it up to eyeballs with New England snowfalls and have vowed you'll only use covered parking.
Whatever your specific scenario is, without extraordinary luck, your housing search will take you at least two weeks, and probably three weeks, to conduct on your own. And you will learn after one week of "looking" (i.e. combing craigslist, emailing landlords and subletters back and forth, etc.) that the first or second place you saw was, in fact, the right one. However, and this always happens, when you call the owner back you learn that it has already been rented.
Some of you will want to find a place on your own regardless of the perils. So here are the tips I've promised you, notice they all concern things to do before you begin:
- Remember the Three Principle Factors are Size, Location Price. Choose your compromise in advance.
- Visit locations you are curious about in advance of seeing apartments. Check out a local hangout or coffee shop, chat up passers-by for feedback on neighborhood. Keep an eye out for "For Rent" signs on houses and coffee house/laundromat bulletin boards.
- Do not underestimate your friend network. Send out the signal. Ask if any friends in the area moving out. Your friends have friends who have friends. Within 2 degrees of separation you may turn up a lead or two you'd have no other way of knowing about. Facebook message and email all your friends. Tell them that you are moving and identify clearly what your preferences are, what your price range is, what the ideal moving date is and also give out a detailed view of your contact information---when a lead turns up you want to know about it right away. Ask these friends to forward your email on to all of their friends as well, whether they're Greater Boston friends or not. Friends have Friends who have Friends---which means your signal could bounce to China and back to Boston sometimes within 15 seconds! Raise the Need flag. Those who Have will signal back.
Go directly to the landlord or management company. Try the Boston Apartments Online Magazine I know its a dilapidated website, but it consolidates most of the professional management companies into one page. Since you will not be saving yourself time using an agent, at least I can help you save time Google searching for management company phone numbers to call.
The only other resource available to you for doing it yourself is Craigslist.
Check out the Craigslist roommate section or the Craigslist "For Rent by Owner" section. Do not look under the Craigslist "No Fee" section since those apartments are all posted by real estate agents. If you respond to one of those, the agent will likely end up showing you a myriad of properties including No Fee, Half Fee and Full Fee properties. See my writing on Finder's Fee for a full-explanation of that.
But now, here's one tip also I have to give you. On any given day, less than 1% of the rental property available is available without a real estate agent being involved in some capacity. Sometimes the "Landlord" is also a Broker. Sometimes the Landlord is very good friends with a Broker, drawing advice from his well-informed friend, which of course he uses to employ significant leverage over you when entering the contract.
I've worked on over 3,200 transactions during more than 20,000 hours in this market. Take it from me---because I went out looking for it my rookie year---there is no secret street in this town upon which the landlord's do not know:
a) The Value of their Property
b) What Time of Day it is (a.k.a. Wolf Time or Shepherd Time...all depends on who comes along)
I grew up in Fairhaven, MA sharing a river and tradition with New Bedford. We Whalers and Blue Devils know very well what happens to Ahab when he goes hunting the White Whale. On the flip side, we also are proven to hunt whales en masse and to near extinction, a.k.a. be disciplined and learn your market. Like the Whale learns the sea and is dominant or the Landlord learns the land and is dominant.
Last tip: you really don't want to go out there on your own. Pay the piper, he sings well for his supper. You'll have the time of your life, make a well-informed decision and benefit from the Real Estate deal-making expertise that is even vastly superior to a landlord's expertise.
So that being said, now we have to roll you out some tips that will help you deal with the sharks. Because if you are an honest Ishmael and the Landlords are good and bountiful whales then surely the Agents are the sharks. Or at least, with a busted moral compass, they have the potential to be.
With that said, comes the next volume.
Broker's Guide for Using a Real Estate Agent
Having made a career as a broker, you might find that I'm partial to you using this option to resolve your housing search. If you find me this way, you find me correctly. But this finding is with good reason. To be clear, I'm well aware there are some real estate agents out there who can barely tie their shoes. If you knew how easy it is to get a real estate license you might try your hand at it too. But good brokers are priceless. A good real estate agent spends every waking hour living, breathing, and speaking real estate. He and she comb the market, query owners and management companies, consult with some of these owners to help them make decisions on real property improvements, analyze trends as they develop in the market and report them dutiful to their principals. Good brokers are usually 3-6 months ahead of the Wall Street Journal depending on how good they are.
By the time you come knocking on a good real estate agent's door, he or she knows the market of your desired neighborhood inside and out and has a good sense of what it will be like in the future. A good real estate agent will become your Jiminy Cricket. Keep you out of the fire and on the right path. Get you there faster than lighting can travel. A good real estate agent is someone who helps you save time and provides you with enough data and analysis to make a well-informed decision. This help is critical because this decision will greatly impact your life for at least one year.
Because they do it all day, every day
Good real estate agents can help you find the right housing solution in two hours. As I've written already, if you do it on your own I guarantee it will cost you at least two weeks of your life, one way or another. A good real estate agent may also be able to pull strings for you with the owner in a way you never could. In this scenario, you'll be leveraging the agent's trust bond/rapport with the owner. Hundreds of times, I have arranged a courtesy hold on an hot listed one show rental property just by making a phone call. A courtesy hold is when the owner takes the property off the market for you before you've even signed a lease, and by the word of his or her agent sometimes before the owner has even seen an offer/application package. This way it doesn't get scooped underneath you while you doing the paperwork. Invaluable.
What about this scenario---the process of simply presenting an offer/application package can go smoothly and rightly or thunderously wrong. Far better than you could ever imagine was possible, a good real estate agent can do the following like breathing:
In addition to these practical reasons, there are legal reasons you want to use a real estate agent. These reasons can be summed up in two words: Oversight and Accountability. Making sure agreements are drafted and executed properly, on both sides of the table is important.
There are some owners and management companies that must be avoided at all costs. Management companies and landlords of this ilk are notorious for keeping security deposits without due cause, etc. They value the tenancy established by the mushrooms growing on the walls over the tenancy you are about to establish. They do not ignite the burners until Late-December. They maintain no true operating fund and have no cushion or grace they can apply toward emergency and preventative maintenance. They foster slum and are lord of it. Slum is not always an apparent thing---I've seen good looking properties fall into the slum category by the policies of very poor owners.
Good Ishmael, if you ask, a good real estate agent will steer you away from such companies and keep you in line with good respectable ownership. Such an agent will shepherd you from the predatory and neglectful landlords.
The bottom line is that even if the real estate agent is an average one, the amount of information he or has access to inexorably leads to you toward a well-informed and highly defensible decision. The swiftness by which this agent operates to close down on deals leaves you with a good feeling for having been super-competitive in a highly competitive market.
You will feel very yucky, all year long, if you get the butcher's leavings instead of one of your top choices. Don't feel yucky. Feel great---roll with a good broker. We have a saying at my office, like a mantra to remind us why we must to good on behalf of our clients:
Super Agent Man or Super Waste of Your Time?
How to Tell if the RE Agent is Worth the Cost of a Phone Call
Hundreds of real estate offices in the Greater Boston Area. Thousands of agents. You may not know this, but its possible to get a real estate license within a week. College education is not prerequisite. Only the most basic math and verbal skills will earn you the moniker Salesperson. Its not necessary to know how to drive well or park well or talk well or even think well to earn that first-level junior broker's license. Of course to last longer than a month, you've got to up your rating in these categories. And of course senior brokers with full Brokers have much more experience and ability than Salespersons.
Of the Salespersons, both the Pareto Principle and The Law of Averages suggest that about 80% of these agents out there are going to be ho-hum average, 10% will be complete jack ass losers, deserve to be fed to the lions, because they make quite a poor name for themselves, which becomes a name that good agents have to apologize for.
Only 10% of the thousands of agents out there are of the genuinely, all-around good rating. These folk are usually are booked solid all of the time. They are busy tending to years worth of repeat and referral network business.
When they do take on new clients, the best agents guard their time-value. They employ many layers in their client qualification screen.Yes, that's right---an agent can tell you to hit the bricks if he or she thinks you are what's called a stroker. If you don't know what I mean, then don't worry---you're not one---I mean if you haven't been told to hit the bricks yet then you're not a stroker. If you have been told to hit the bricks---then, unfortunately, you are a stroker and you should work on that right away. Because there are many business-wise and legally sound methods a real estate broker has in the arsenal for separating the wheat from the chaff. Not needing your business in the slightest way is only one of the more powerful tools. Anyway, if you've been booted once or twice, then you know what I'm talking about---good brokers can be just as picky about theirs clients as clients want to be picky about their housing selection. Pickiness is the pride of excellence.
My office has this going down in what's called an Ex Officio fashion. Every week we somehow manage to generate more than100 inbound new business inquiries for every agent here---every week!! Can you imagine that? And this is just new business leads---then there are our established friends, current and former clients. All told---there's only enough time in the in every week for each agent to host a maximum of 20 appointments. So, it just happens the way it happens. The Pareto Principle applies.
That said, every call gets answered in some way shape or form. In this way, we always hope to turn a call into at least a phone consultation. Consultation does not necessarily lead to a property showing by the consulting agent, but can be quite useful to the caller. Good agents live a life of service and will try to help everyone, even if only a few minutes can be spared at that time. There's just only so many hours in the day---its very rare you'll get to the best of the best. In my office, we work together and pool our knowledge resources and experiences. Which means the least experienced is lifted by the guidance of the most---a bonus that transfers to that agent's clients.
With preparation and readiness and luck, you'll find yourself in an office like mine. And if not, hopefully you won't be dealing with the bottom 10% of the agents in this market--because just as there are some up to no good landlords, so there are up-to-no good agents. The worst ones are few and far between, of course, so odds are on your side there.
Likiest---you will deal with the middle of the pack. These agents are honest, hard working, have integrity and want to do well by you. They are not top shelf salespeople yet. Some of them may get there with time and dedication. Some may just hover where they are for one reason or another. In any case, these agents need your help just as much as you need theirs.
Real Estate agents deal in values day in and day out---Ethos, Value---an equal partnership forges the strongest bonds. So again the odds are in your favor you will emerge from the journey you take with a real estate agent having established a strong partnership with a potentially up-and-coming member of the game. This partnership can become highly valuable with the right prescriptions and good communication.
Sharing Information is a Vital Component of Agent-Principal Relationship
Prepare yourself in advance to seek out such an arrangement---golden parachutes are made of such arrangements. The strings that shape this parachute is Information, what turns the fabric to gold is Sharing. And that's what you should come most prepared to do if you are to enter an agent's office. Because a real estate agent is only as good as the information he allows himself to have.
The good agent invests all of his non-client hours chasing down the sell side of the market:
All then to know each precious chip and kernel, understand them, value and appreciate them; and then only to place them into the appropriate classification buckets and haul them out of the Data Mine and into the light of day---which, ironically, is swarming with folks who are completely oblivious to the reality of their own market or are aware of it but take an approach that is not quite as specific.
And only after he surfaces from the Mine does he call out to the passers-by---Hey! I Got something Precious for You!! With business cards and advertisements and email letters and brochure mailers and Facebook notifications and even Text Message blasts, etcetera, etcetera, etcetera---Ishmael, I can't tell you the rest because you'd have to be a miner first to understand.
But rest assured, when you meet the Miner after answering an advertisement or making a call off a sign or following advice from a friend who previously has, you are meeting someone who has been down there deep, deep and daily.
The Miner goes down into the Mine so your own mind may be spared and left free to concern itself with whatever you will. A good agent's noggin is swirling and nearly aflame with
Check out the Craigslist roommate section or the Craigslist "For Rent by Owner" section. Do not look under the Craigslist "No Fee" section since those apartments are all posted by real estate agents. If you respond to one of those, the agent will likely end up showing you a myriad of properties including No Fee, Half Fee and Full Fee properties. See my writing on Finder's Fee for a full-explanation of that.
But now, here's one tip also I have to give you. On any given day, less than 1% of the rental property available is available without a real estate agent being involved in some capacity. Sometimes the "Landlord" is also a Broker. Sometimes the Landlord is very good friends with a Broker, drawing advice from his well-informed friend, which of course he uses to employ significant leverage over you when entering the contract.
I've worked on over 3,200 transactions during more than 20,000 hours in this market. Take it from me---because I went out looking for it my rookie year---there is no secret street in this town upon which the landlord's do not know:
a) The Value of their Property
b) What Time of Day it is (a.k.a. Wolf Time or Shepherd Time...all depends on who comes along)
I grew up in Fairhaven, MA sharing a river and tradition with New Bedford. We Whalers and Blue Devils know very well what happens to Ahab when he goes hunting the White Whale. On the flip side, we also are proven to hunt whales en masse and to near extinction, a.k.a. be disciplined and learn your market. Like the Whale learns the sea and is dominant or the Landlord learns the land and is dominant.
Last tip: you really don't want to go out there on your own. Pay the piper, he sings well for his supper. You'll have the time of your life, make a well-informed decision and benefit from the Real Estate deal-making expertise that is even vastly superior to a landlord's expertise.
So that being said, now we have to roll you out some tips that will help you deal with the sharks. Because if you are an honest Ishmael and the Landlords are good and bountiful whales then surely the Agents are the sharks. Or at least, with a busted moral compass, they have the potential to be.
With that said, comes the next volume.
Broker's Guide for Using a Real Estate Agent
Having made a career as a broker, you might find that I'm partial to you using this option to resolve your housing search. If you find me this way, you find me correctly. But this finding is with good reason. To be clear, I'm well aware there are some real estate agents out there who can barely tie their shoes. If you knew how easy it is to get a real estate license you might try your hand at it too. But good brokers are priceless. A good real estate agent spends every waking hour living, breathing, and speaking real estate. He and she comb the market, query owners and management companies, consult with some of these owners to help them make decisions on real property improvements, analyze trends as they develop in the market and report them dutiful to their principals. Good brokers are usually 3-6 months ahead of the Wall Street Journal depending on how good they are.
By the time you come knocking on a good real estate agent's door, he or she knows the market of your desired neighborhood inside and out and has a good sense of what it will be like in the future. A good real estate agent will become your Jiminy Cricket. Keep you out of the fire and on the right path. Get you there faster than lighting can travel. A good real estate agent is someone who helps you save time and provides you with enough data and analysis to make a well-informed decision. This help is critical because this decision will greatly impact your life for at least one year.
Because they do it all day, every day
Good real estate agents can help you find the right housing solution in two hours. As I've written already, if you do it on your own I guarantee it will cost you at least two weeks of your life, one way or another. A good real estate agent may also be able to pull strings for you with the owner in a way you never could. In this scenario, you'll be leveraging the agent's trust bond/rapport with the owner. Hundreds of times, I have arranged a courtesy hold on an hot listed one show rental property just by making a phone call. A courtesy hold is when the owner takes the property off the market for you before you've even signed a lease, and by the word of his or her agent sometimes before the owner has even seen an offer/application package. This way it doesn't get scooped underneath you while you doing the paperwork. Invaluable.
What about this scenario---the process of simply presenting an offer/application package can go smoothly and rightly or thunderously wrong. Far better than you could ever imagine was possible, a good real estate agent can do the following like breathing:
- Pproperly present your offer/application package in a more compelling, efficient and professional manner;
- Yield nothing to the waste of breath;
- Side-step any land-mine in the owner's mind,
- Eliminate all warrants for what contributes to unnecessary cause for alarm, also known as Red Flags.
In addition to these practical reasons, there are legal reasons you want to use a real estate agent. These reasons can be summed up in two words: Oversight and Accountability. Making sure agreements are drafted and executed properly, on both sides of the table is important.
There are some owners and management companies that must be avoided at all costs. Management companies and landlords of this ilk are notorious for keeping security deposits without due cause, etc. They value the tenancy established by the mushrooms growing on the walls over the tenancy you are about to establish. They do not ignite the burners until Late-December. They maintain no true operating fund and have no cushion or grace they can apply toward emergency and preventative maintenance. They foster slum and are lord of it. Slum is not always an apparent thing---I've seen good looking properties fall into the slum category by the policies of very poor owners.
Good Ishmael, if you ask, a good real estate agent will steer you away from such companies and keep you in line with good respectable ownership. Such an agent will shepherd you from the predatory and neglectful landlords.
The bottom line is that even if the real estate agent is an average one, the amount of information he or has access to inexorably leads to you toward a well-informed and highly defensible decision. The swiftness by which this agent operates to close down on deals leaves you with a good feeling for having been super-competitive in a highly competitive market.
You will feel very yucky, all year long, if you get the butcher's leavings instead of one of your top choices. Don't feel yucky. Feel great---roll with a good broker. We have a saying at my office, like a mantra to remind us why we must to good on behalf of our clients:
Because it Matters Where You Wake Up
How to Tell if the RE Agent is Worth the Cost of a Phone Call
Hundreds of real estate offices in the Greater Boston Area. Thousands of agents. You may not know this, but its possible to get a real estate license within a week. College education is not prerequisite. Only the most basic math and verbal skills will earn you the moniker Salesperson. Its not necessary to know how to drive well or park well or talk well or even think well to earn that first-level junior broker's license. Of course to last longer than a month, you've got to up your rating in these categories. And of course senior brokers with full Brokers have much more experience and ability than Salespersons. Of the Salespersons, both the Pareto Principle and The Law of Averages suggest that about 80% of these agents out there are going to be ho-hum average, 10% will be complete jack ass losers, deserve to be fed to the lions, because they make quite a poor name for themselves, which becomes a name that good agents have to apologize for.
Only 10% of the thousands of agents out there are of the genuinely, all-around good rating. These folk are usually are booked solid all of the time. They are busy tending to years worth of repeat and referral network business.
When they do take on new clients, the best agents guard their time-value. They employ many layers in their client qualification screen.Yes, that's right---an agent can tell you to hit the bricks if he or she thinks you are what's called a stroker. If you don't know what I mean, then don't worry---you're not one---I mean if you haven't been told to hit the bricks yet then you're not a stroker. If you have been told to hit the bricks---then, unfortunately, you are a stroker and you should work on that right away. Because there are many business-wise and legally sound methods a real estate broker has in the arsenal for separating the wheat from the chaff. Not needing your business in the slightest way is only one of the more powerful tools. Anyway, if you've been booted once or twice, then you know what I'm talking about---good brokers can be just as picky about theirs clients as clients want to be picky about their housing selection. Pickiness is the pride of excellence.
My office has this going down in what's called an Ex Officio fashion. Every week we somehow manage to generate more than100 inbound new business inquiries for every agent here---every week!! Can you imagine that? And this is just new business leads---then there are our established friends, current and former clients. All told---there's only enough time in the in every week for each agent to host a maximum of 20 appointments. So, it just happens the way it happens. The Pareto Principle applies.
That said, every call gets answered in some way shape or form. In this way, we always hope to turn a call into at least a phone consultation. Consultation does not necessarily lead to a property showing by the consulting agent, but can be quite useful to the caller. Good agents live a life of service and will try to help everyone, even if only a few minutes can be spared at that time. There's just only so many hours in the day---its very rare you'll get to the best of the best. In my office, we work together and pool our knowledge resources and experiences. Which means the least experienced is lifted by the guidance of the most---a bonus that transfers to that agent's clients.
With preparation and readiness and luck, you'll find yourself in an office like mine. And if not, hopefully you won't be dealing with the bottom 10% of the agents in this market--because just as there are some up to no good landlords, so there are up-to-no good agents. The worst ones are few and far between, of course, so odds are on your side there.
Likiest---you will deal with the middle of the pack. These agents are honest, hard working, have integrity and want to do well by you. They are not top shelf salespeople yet. Some of them may get there with time and dedication. Some may just hover where they are for one reason or another. In any case, these agents need your help just as much as you need theirs.
Real Estate agents deal in values day in and day out---Ethos, Value---an equal partnership forges the strongest bonds. So again the odds are in your favor you will emerge from the journey you take with a real estate agent having established a strong partnership with a potentially up-and-coming member of the game. This partnership can become highly valuable with the right prescriptions and good communication.
Sharing Information is a Vital Component of Agent-Principal Relationship
Prepare yourself in advance to seek out such an arrangement---golden parachutes are made of such arrangements. The strings that shape this parachute is Information, what turns the fabric to gold is Sharing. And that's what you should come most prepared to do if you are to enter an agent's office. Because a real estate agent is only as good as the information he allows himself to have.
The good agent invests all of his non-client hours chasing down the sell side of the market:
- Previewing properties, pouring over listing details
- Studying market history
- Decoding trends
- Admiring his adversary
- Overhearing every conversation
- Befriending every conversationalist
- Data mining the market
All then to know each precious chip and kernel, understand them, value and appreciate them; and then only to place them into the appropriate classification buckets and haul them out of the Data Mine and into the light of day---which, ironically, is swarming with folks who are completely oblivious to the reality of their own market or are aware of it but take an approach that is not quite as specific.
And only after he surfaces from the Mine does he call out to the passers-by---Hey! I Got something Precious for You!! With business cards and advertisements and email letters and brochure mailers and Facebook notifications and even Text Message blasts, etcetera, etcetera, etcetera---Ishmael, I can't tell you the rest because you'd have to be a miner first to understand.
But rest assured, when you meet the Miner after answering an advertisement or making a call off a sign or following advice from a friend who previously has, you are meeting someone who has been down there deep, deep and daily.
The Miner goes down into the Mine so your own mind may be spared and left free to concern itself with whatever you will. A good agent's noggin is swirling and nearly aflame with
- Data and details, large and small
- Rules and restrictions
- A series of features and benefits for particular things
- General domains and area demographics, both past and present and with
- A sure and a solid glance into the future.
Because it is most true that more important than product knowledge, as valuable is that data is, is the ability to bring that data to bear in some palpable way. This ability is achieved only by the agent's system and method he or she uses for engaging you, the client.
System and Method is what you should be on Watch for when Entering the Office of an Agent
My offices past and present teach, train and encourage their agents to approach clientele very much by the same approach doctors use in their approach towards patients. We ask you to sit down and begin a consultation, which is a series of questions concerning the past and present of your housing situation and which then informs a series of concerns that concern your intended future.
We ask the same set of questions of you that we ask everyone. The answers you give in return illuminate the corridors of our mind both of what your current problem is and also what the current solution may be. Our questions isolate both problem and solution from a mental list of hundreds of on-market properties. The isolation brings forward a well-refined and significantly more manageable list of specific properties. After asking only 4-5 questions, this list is usually less than 10 properties.
Next in the System and Method, after Consultation comes Presentation. The first presentation you experience is a type of summation of the consultation period. In this summation we include our understanding of what the problem you are facing is. We then present the subject properties that currently resolve your problem in some way and after that we Discuss how it is they are likely solutions.
Your involvement in this process is constant. At some point of our presentation, our mind illuminates yours in return and there seems to be properties that sound likeable to you. This list is always shorter than five and these are the properties we go out to see in person.
Its not always the case on the first outing, but a significantly high percentage of the time that we conduct ourselves by this procedure you are happy with the results. Usually one sometimes two places on the first list seem to you on the showing to be like home. After some, post-showing "closing time" in which you ask and are answered questions, you make your selection.
This entire process takes less than 2 hours most times. There is no lying, no gimmicks or tricks. Just a fair amount of time invested down in the mines, about 10 minutes of Questions and Answers in Consultation, and just over an hour and a half of Property Showing in which we match the data of the Land Mine to the data of Your Mind. We call it the Consultative Approach.
Wheat from the Chaff: How to tell a good agent from a bad one?
You can spot a good agent from a bad agent during your first point of contact. The first detail to look for is whether or not the agent has an ounce salesmanship understanding. The obvious clue for discovering this is to see whether or not the agent knows this sacred truth of salesmanship Presentation is 9/10ths of Every Sale.
In other words, you may feel free to judge immediately by appearance and presentation and feel free not to feel badly doing so. Its not necessary for every cat out there to dress like John Gotti. Some can dress like the Franciscan and still be highly effective. Yet however the agent appears to be dressed, ask yourself this: is the agent's appearance working toward a conscious presentation of self? Or does this agent lack consciousness? The answer yields your first useful reading of the agent's overall worthiness.
A good agent is one that is not haphazardly dressed, for even among jean-wearers there is still sharp and sloppy. The sloppy agent's desk is a snapshot of the disarray and confusion that composts his mind. Unorganized piles of paperwork are scattered. Ten thousand Post-it Notes strewn about with little bits of writing here or there. These writings amount to very little deal-making but sell him out all the same. His words are many and circuitous, his approach is not direct. He is negative in demeanor and word choice, speaks in fact as if Defeat is his best friend.
When he meets you, he'll say "Um" in the first sentence. He'll look down a lot and then around as if realizing he forgot to bring something to the first handshake. Most likely he's thinking real hard about keys. Keys he misplaced or will misplace or thinks he will one way or another. Car keys, his own house keys, keys that landlords trusted him with, some of which could become your keys. He may start and stop a sentence abruptly. He'll shake your hand and the return to looking around for those damned keys. He has these problems because he's afraid. He's afraid and has good reason to be---he sucks at his job!
The sloppy agent represents disorder throughout his existence. The floors of this agent's car will be covered by empty McDonald's bags and discarded Styrofoam coffee cups. Maybe loose papers will be crumpled, scattered, and doubling as floor mats. There will probably be a strong cigarette odor. And if you happen to lean over, you'll notice the gas gauge reads nearly empty. If you get this far with a bad agent you'll see these signs along the way. But you should not get this far, unless you want to specifically be an angel to such an agent!!
A good agent is the one who stands up to shake hands with you. One that smiles and is assertive. One with solid eye contact and obvious confidence. This agent is funny and witty and calm and deferential and self-assured. He or she moves with sure deft motions and will quickly seat you at a conference table or area to begin the Consultative Approach. This agent is in control of his entire universe and is worthy of your surrendering control of your universe to him for the span of the next 2 hours.
The manner and tone of an agent's question asking process is crucial sign, as well. If you feel like you are being consulted with, diagnosed as it were, you are in the hands of a good agent. If the agent's questions stop at What's your Price and Where would you like to live? That is to say, if the agent asks only a couple questions and then runs to get some keys----well, first thing you should know about such hastiness is that is bad agent behavior.
Good agents would call this behavior order taking and would call that agent an order taker. Order takers help no one. They do not dig deep into your case history because they aren't truly diggers. Bad agents haven't done their fieldwork, as it were. They don't know what jewels the market holds ready and waiting for you.
The second point to draw from such behavior is that this agent is shooting from the hip and about to waste your time and his. For how could he or she know anything about you or your needs or your needs' resolution by a paltry line of consultation? You don't want a shot from the hip by an order taker. You want a bull-eye, tap dead on center, by a marksman.
So remember this, Ishmael---to find a good real estate agent, you must judge the book by its cover. I always tell my agent trainees that presentation is 9/10s of the sale: Presentation of self as well as presentation of property. Right from the start, apply use presentation as your means for qualifying/disqualifying an agent.
If you sense bad presentation in the advertisement, back out and go to the next ad. If you sense bad presentation in person as you stand in the agent's office, quickly excuse yourself and go onto the next office. Remember, there are hundreds of offices, you do not have to tolerate shoddy business practices anyway. Never tolerate a bottom barrel performance, Ishmael---not from this writer, not from anyone, not no way, not no how!!
System and Method is what you should be on Watch for when Entering the Office of an Agent
My offices past and present teach, train and encourage their agents to approach clientele very much by the same approach doctors use in their approach towards patients. We ask you to sit down and begin a consultation, which is a series of questions concerning the past and present of your housing situation and which then informs a series of concerns that concern your intended future.
We ask the same set of questions of you that we ask everyone. The answers you give in return illuminate the corridors of our mind both of what your current problem is and also what the current solution may be. Our questions isolate both problem and solution from a mental list of hundreds of on-market properties. The isolation brings forward a well-refined and significantly more manageable list of specific properties. After asking only 4-5 questions, this list is usually less than 10 properties.
Next in the System and Method, after Consultation comes Presentation. The first presentation you experience is a type of summation of the consultation period. In this summation we include our understanding of what the problem you are facing is. We then present the subject properties that currently resolve your problem in some way and after that we Discuss how it is they are likely solutions.
Your involvement in this process is constant. At some point of our presentation, our mind illuminates yours in return and there seems to be properties that sound likeable to you. This list is always shorter than five and these are the properties we go out to see in person.
Its not always the case on the first outing, but a significantly high percentage of the time that we conduct ourselves by this procedure you are happy with the results. Usually one sometimes two places on the first list seem to you on the showing to be like home. After some, post-showing "closing time" in which you ask and are answered questions, you make your selection.
This entire process takes less than 2 hours most times. There is no lying, no gimmicks or tricks. Just a fair amount of time invested down in the mines, about 10 minutes of Questions and Answers in Consultation, and just over an hour and a half of Property Showing in which we match the data of the Land Mine to the data of Your Mind. We call it the Consultative Approach.
Wheat from the Chaff: How to tell a good agent from a bad one?
You can spot a good agent from a bad agent during your first point of contact. The first detail to look for is whether or not the agent has an ounce salesmanship understanding. The obvious clue for discovering this is to see whether or not the agent knows this sacred truth of salesmanship Presentation is 9/10ths of Every Sale.
In other words, you may feel free to judge immediately by appearance and presentation and feel free not to feel badly doing so. Its not necessary for every cat out there to dress like John Gotti. Some can dress like the Franciscan and still be highly effective. Yet however the agent appears to be dressed, ask yourself this: is the agent's appearance working toward a conscious presentation of self? Or does this agent lack consciousness? The answer yields your first useful reading of the agent's overall worthiness.
A good agent is one that is not haphazardly dressed, for even among jean-wearers there is still sharp and sloppy. The sloppy agent's desk is a snapshot of the disarray and confusion that composts his mind. Unorganized piles of paperwork are scattered. Ten thousand Post-it Notes strewn about with little bits of writing here or there. These writings amount to very little deal-making but sell him out all the same. His words are many and circuitous, his approach is not direct. He is negative in demeanor and word choice, speaks in fact as if Defeat is his best friend.
When he meets you, he'll say "Um" in the first sentence. He'll look down a lot and then around as if realizing he forgot to bring something to the first handshake. Most likely he's thinking real hard about keys. Keys he misplaced or will misplace or thinks he will one way or another. Car keys, his own house keys, keys that landlords trusted him with, some of which could become your keys. He may start and stop a sentence abruptly. He'll shake your hand and the return to looking around for those damned keys. He has these problems because he's afraid. He's afraid and has good reason to be---he sucks at his job!
The sloppy agent represents disorder throughout his existence. The floors of this agent's car will be covered by empty McDonald's bags and discarded Styrofoam coffee cups. Maybe loose papers will be crumpled, scattered, and doubling as floor mats. There will probably be a strong cigarette odor. And if you happen to lean over, you'll notice the gas gauge reads nearly empty. If you get this far with a bad agent you'll see these signs along the way. But you should not get this far, unless you want to specifically be an angel to such an agent!!
A good agent is the one who stands up to shake hands with you. One that smiles and is assertive. One with solid eye contact and obvious confidence. This agent is funny and witty and calm and deferential and self-assured. He or she moves with sure deft motions and will quickly seat you at a conference table or area to begin the Consultative Approach. This agent is in control of his entire universe and is worthy of your surrendering control of your universe to him for the span of the next 2 hours.
The manner and tone of an agent's question asking process is crucial sign, as well. If you feel like you are being consulted with, diagnosed as it were, you are in the hands of a good agent. If the agent's questions stop at What's your Price and Where would you like to live? That is to say, if the agent asks only a couple questions and then runs to get some keys----well, first thing you should know about such hastiness is that is bad agent behavior.
Good agents would call this behavior order taking and would call that agent an order taker. Order takers help no one. They do not dig deep into your case history because they aren't truly diggers. Bad agents haven't done their fieldwork, as it were. They don't know what jewels the market holds ready and waiting for you.
The second point to draw from such behavior is that this agent is shooting from the hip and about to waste your time and his. For how could he or she know anything about you or your needs or your needs' resolution by a paltry line of consultation? You don't want a shot from the hip by an order taker. You want a bull-eye, tap dead on center, by a marksman.
So remember this, Ishmael---to find a good real estate agent, you must judge the book by its cover. I always tell my agent trainees that presentation is 9/10s of the sale: Presentation of self as well as presentation of property. Right from the start, apply use presentation as your means for qualifying/disqualifying an agent.
If you sense bad presentation in the advertisement, back out and go to the next ad. If you sense bad presentation in person as you stand in the agent's office, quickly excuse yourself and go onto the next office. Remember, there are hundreds of offices, you do not have to tolerate shoddy business practices anyway. Never tolerate a bottom barrel performance, Ishmael---not from this writer, not from anyone, not no way, not no how!!
Real Estate Agent Fees Explained
An Explanation of No Fee, Half Fee and Full Fee Apartments
In your housing search, especially if you are looking on Craigslist for an apartment, you may see apartments listed under Full Fee, No Fee and Half Fee titles. You may wonder :what is the difference between these places? There is a difference and it is important to know what this difference is.
What is a Finder's Fee?
For the service of locating an apartment and leasing it to you, a real estate agent charges a finder's fee equivalent to one month's rent. In exchange for this fee, the real estate agent should first consult with you regarding your housing choices. That is, lead you someway through a discussion about the Principle Factors: Size, Location and Price that govern your housing search and ask many questions that narrows the list of solutions to the most likeliest. And then properly secure the property for you.
If you are not sure of which Principle Factors you are willing to compromise on, you can ask your agent to help you explore all sets of options. For instance, you may think you you want to live in the Back Bay or Harvard Square no matter what, but once you see what your money gets you there, you may find yourself willing to compromise on location. You'll likely make this compromise after you see what your money gets you in Allston or Brighton or Somerville or Medford.
Helping you discover what is actually good in the market is the trademark of a good real estate agent. In a sense he becomes your Jiminy Cricket. A voice that stands outside of your own voice but one that serves to help you make good decisions.
All real estate agents charge a finder's fee equivalent to one month's rent--the good ones give you more value of service than they charge in fee. Be advised that 99% of the property on the market for rent is rented through a real estate agent, less than 1% of the property available can you get without any agent of any kind being involved.
A No Fee Apartment
Despite the name, No Fee apartments are NOT apartments where the real estate agent works for free. These apartments are offered to you without requiring you pay a fee because the landlord or property management company has previously offered to pay the real estate agent the whole finder's fee.
When you see apartments offered as No Fee, you should be aware that the owners or managers are trying to be as competitive as they can be. Especially in Boston proper, the majority of No Fee apartments are old and have not been updated in at least 15 years. Some may sport 50 year old kitchens and bathrooms. There are some No Fee apartments that are new and updated, but the management company has built the fee into the price: meaning if the apartment is worth $1200/mo, the landlord offers the property to the market as $1300 NO FEE. You essentially pay the $1200 for the Finder's Fee over the course of the first year at a rate of $100/mo. This is a marketing tactic, and this tactic works.
Half Fee Apartments
For Half Fee apartments, you end up splitting the real estate agent's finder's fee with the landlord or management company. I consider a Half Fee rental to be the purest form of rentals, since it constitutes a hand shake between all parties involved. The owners pay half the fee because they value your tenancy. You pay half the fee because you value the apartment. And the real estate agent earns the whole fee because he brought two willing parties together in a happy tenancy.
A Full Fee Apartment
And of course, a Full Fee Apartment is an apartment for which you must pay the full fee on your own. These apartments are considered to be top shelf properties for one reason or another. Here are the reasons, the apartment is:
An Explanation of No Fee, Half Fee and Full Fee Apartments
In your housing search, especially if you are looking on Craigslist for an apartment, you may see apartments listed under Full Fee, No Fee and Half Fee titles. You may wonder :what is the difference between these places? There is a difference and it is important to know what this difference is. What is a Finder's Fee?
For the service of locating an apartment and leasing it to you, a real estate agent charges a finder's fee equivalent to one month's rent. In exchange for this fee, the real estate agent should first consult with you regarding your housing choices. That is, lead you someway through a discussion about the Principle Factors: Size, Location and Price that govern your housing search and ask many questions that narrows the list of solutions to the most likeliest. And then properly secure the property for you.
If you are not sure of which Principle Factors you are willing to compromise on, you can ask your agent to help you explore all sets of options. For instance, you may think you you want to live in the Back Bay or Harvard Square no matter what, but once you see what your money gets you there, you may find yourself willing to compromise on location. You'll likely make this compromise after you see what your money gets you in Allston or Brighton or Somerville or Medford.
Helping you discover what is actually good in the market is the trademark of a good real estate agent. In a sense he becomes your Jiminy Cricket. A voice that stands outside of your own voice but one that serves to help you make good decisions.
All real estate agents charge a finder's fee equivalent to one month's rent--the good ones give you more value of service than they charge in fee. Be advised that 99% of the property on the market for rent is rented through a real estate agent, less than 1% of the property available can you get without any agent of any kind being involved.
A No Fee Apartment
Despite the name, No Fee apartments are NOT apartments where the real estate agent works for free. These apartments are offered to you without requiring you pay a fee because the landlord or property management company has previously offered to pay the real estate agent the whole finder's fee.
When you see apartments offered as No Fee, you should be aware that the owners or managers are trying to be as competitive as they can be. Especially in Boston proper, the majority of No Fee apartments are old and have not been updated in at least 15 years. Some may sport 50 year old kitchens and bathrooms. There are some No Fee apartments that are new and updated, but the management company has built the fee into the price: meaning if the apartment is worth $1200/mo, the landlord offers the property to the market as $1300 NO FEE. You essentially pay the $1200 for the Finder's Fee over the course of the first year at a rate of $100/mo. This is a marketing tactic, and this tactic works.
Half Fee Apartments
For Half Fee apartments, you end up splitting the real estate agent's finder's fee with the landlord or management company. I consider a Half Fee rental to be the purest form of rentals, since it constitutes a hand shake between all parties involved. The owners pay half the fee because they value your tenancy. You pay half the fee because you value the apartment. And the real estate agent earns the whole fee because he brought two willing parties together in a happy tenancy.
A Full Fee Apartment
And of course, a Full Fee Apartment is an apartment for which you must pay the full fee on your own. These apartments are considered to be top shelf properties for one reason or another. Here are the reasons, the apartment is:
- In mint condition, brand-new everything;
- In a highly desirable/high-demand location;
- Priced below market value;
- Available exclusively through one particular agent
Trust me, I've heard countless times from a landlord, "Oh, I'm not going to pay a fee," but after seeing their place and showing them comparable properties that are priced less or where some fee is paid, they realize that in order to compete either they update the property, lower the price, or offer to pay some fee. This all concerns a question both real estate agents and owners ask themselves all the time: What will the market bear?
Therefore, Full Fee properties are the Cadillacs and Mercedes of the rental market--the Landlord absolutely does not have to pay the fee because someone out there, very soon, is going to pay it, whether that someone is you or not. Do not make the mistake of trying to negotiate away the finder's fee on a property that you really like, thinking that you are the only Joe in town willing to rent it. You will lose this battle every time, I guarantee it.
Looking for an Apartment With Roommates?
Get Your Ducks In a Row
Boston and Cambridge housing is expensive. Here you will find one of the most expensive rental markets in the country, in the world even. You are hard pressed to find even a studio bellow $1000/month. So even after you've done size, location, price adjustments you may still not be able to afford the Boston dirt.
So, there's the roommate option. No big deal. In addition to lowering your monthly housing payment, you can split the cost of utilities as well as share the burden of furnishing the apartment's common areas and splitting the cost of staple supplies like sugar, spices, paper towels and toilet paper.
But choose the members of your crew carefully. You will have to live with them and rely upon their ability to make rent and participate in common space cleaning. You will have to tolerate them for an entire year if they prove to be awful roomies.
Long before you go knocking on a real estate agent's door, you should hold a serious meeting with your prospective roommates and determine compatibility.
Have a group interview
Also in this interview, discuss availability for apartment searching. You will be wasting your time and your real estate agent's time if you show up for an appointment to view properties with less than 100% of your group present or accounted for. Never never never believe your roommate when he tells you, "oh, you go look, whatever you pick is fine by me." That's absurd--they always change their mind!
What will happen is that you go out, find a sweet place, its in your budget, its in your location and its in good condition---it works and you know he'll love it too. You call him to say you are putting down the deposit. And what does he tell you? He tells you he wants to see it first. Every time!
What can you do? Risk your deposit money because the fool suddenly realized that the adults are talking at the table? No, you'll wait to put the money down. He'll try to schedule an appointment to see the property, and of course by the time he gets his lame butt over there, its gone. Every time!
Don't make that mistake. Get your ducks in a row in advance. Make sure everyone is present and accounted for on the day of the showings. Who can't spare two hours of their day for something so important as housing? Heck, good housing is so important, it would be completely acceptable to take an extra long lunch or even leave work early to git 'er done.
Cats and Dogs and Snakes, Oh My!
Pet Friendly Apartment Searching
Finding the right apartment for yourself is no easy task. Finding an apartment with a roommate or roommates is even harder. Finding an apartment for you, a roommate, and a pet may seem to be nearly impossible. A pet in Boston or Cambridge is considered both a luxury item and a liability. Landlords who allow pets in their apartments fall into three categories.
First Category - Landlord Doesn't Care
Neither do they really care about you, nor do they care about the quality and condition of the apartment they offer you. All they care about is timely rent payment, and whether the market is hot enough to support this bastard attitude of theirs.
As long as the rent is paid on time, they would not care if a bull moose is living in the apartment with you. When you move out of the apartment, Fido may have destroyed the floor, FiFi may have shed eight pounds of dander, Fergie your roommate's anaconda may be living in the walls.
Landlord doesn't care. The next group of tenants will have to inherit that mess. You will see this first hand when you are the tenant inheriting the mess. The first category of pet friendly apartments is a complete "I don't care" scenario. When quality is no object, then this category is for you.
Hint: apartments in this category can be found by doing a cross-referenced search for Dog Friendly and No Pet Deposit.
Second Category - Landlord Cares via Property Management
Property managers maintain property and manage the tenancy. Some of these managers allow for pets. In this category, you will find that the owners' caring attitude is reflected by the quality of the housing they are offering.
Also in this category you will find the attitude that having a pet is pretty much a luxury. These landlords, via the property manager, will allow you to have a pet if you put down a pet deposit in advance or pay a slightly larger monthly rent. Pet deposits are usually around $500 per pet. Or a pet rental rent increase of usually between $25 and $50 per month occurs.
Breed restrictions usually apply. These are for dobies, pit bulls, rotties and other notorious biters. Some landlords restrict smalls dogs too because though not biters, they are yelping barkers. You won't know this, because you aren't home all day, but trust me---Toto barks...alot!! Mostly because he still has nuts.
Third Category - Landlords Cares But Does Not Charge Fee/Deposit
So this category is occupied by landlords who are personally involved in the operation of their property. In lieu of a rent increase or pet deposit, the landlord "interviews" your animal. Yes, they will interview the animal and/or ask for references from previous landlords. These landlords usually occupy a unit within the building. These are usually 2-4 family buildings.
A rough statistic for pet friendliness is as follows:
For every 100 apartments on the market, 25 will be pet friendly, only 10 of these will accept dogs, and only 1 will be a landlord not asking for a pet deposit. This statistic may be slightly rough, but in my experience its very close.
Dog Friendly apartments
You can live through a firecracker accident and with what's left of your hand count how many dog friendly apartments are available in Boston or Cambridge at any given time. This is not exaggeration. Dog friendliness and Boston/Cambridge Apartments are antithetical.
Small dogs are known to be yelpers. When you are not home, they yelp all day long. Big dogs are known to be biters, if a maintenance man comes to your apartment to fix the sink, a big dog may bite him. Both large and small breeds have toenails and as they plod around the apartment they can scratch up the surfacing and slowly but surely destroy the floor. These last three statements are worst case scenarios that comprise a major reason why you will not find an abundant supply of dog friendly apartments on the market.
And I know what your saying: My dog is good, my dog is well behaved, my dog won't do that! Fact is, its only 1 out of 100 times that you'll be able to present such a case, landlords just won't give you an opportunity to present your reasons or rationale.
Cat Friendly apartments
Usually three times as many cat friendly apartments as there are dog friendly ones. The major prejudice against cats is that dander regularly flakes off their skin and is a major allergen. Far-sighted landlords have future tenancies to think about. If the apartment has hosted a cat in the past, the marketability of the apartment in the future is affected by the presence of the cat dander allergens.You're a cat owner, so you don't notice this. But dander-allergic folks, the moment they enter the property, they swell and sneeze and convulse and leave. And there's just as many of them as there are of you.
Birds, Fish and Snakes (a.k.a. Exotic Animals)
Exotic animals often go under the radar. Pet restrictions may apply to them but they are not policed as well as Cat and Dog restrictions are. Birds can cause nuisance complaints if they chirp at odd hours, and they do--be careful on that one. Would suck to be evicted because of your bird.
While fish do not create nuisance issues, Fish Tanks constitute "water filled furniture" and on most leases you will see a clause stating that such furniture must be approved in advance. A fish tank could spill out, destroying the flooring in your apartment and perhaps even the ceiling of the apartment below you.
Snakes, like fish and birds do not get policed very often. Every so often, a snake gets out of its cage. In most cases this is not an issue. I know of one incident however, recently in Cambridge, where a 16-foot anaconda got out of its cage after and tried to attack its owner's roommate. The liability of snakes is obvious.
Regardless the type of pet you have, if you are considering a move in Boston, you will certainly find more places available if you leave your pet behind with friends or relatives. I know this is not an easy decision to make, but you must consider the quality of life you want to have in this city first.
What to Do with Your Car
Off Street vs. On Street Parking in Boston
Never should you let parking determine your housing search. I've had clients turn down seemingly all-around perfect housing opportunities because off-street parking wasn't available at that location. In every case this happened, I learned afterward that while they did find a place with parking the apartment was inferior in quality to the one they could have rented without a spot. If your housing search is equivalent to a sucking chest wound, then your parking spot search is like a hang nail or a knee scrape. Dress the parking wound AFTER you secure appropriate housing.
Off-Street Parking
The difficulty level of finding an apartment that offers off-street parking approaches the difficulty level of finding a dog friendly apartment. Because off-street parking is rare, and because the demand for it is high, if you are going to get a parking spot it will surely cost you extra money. Even if the parking spot "comes with the apartment" the extra value is built into the monthly rent. This is true for all apartments with the exception of apartments located more than a 20 minute walk from a train line.
The going rate for an open air parking spot in the Back Bay ranges from $175-$250/month. Garage parking in that location ranges from $200-$350. Most other locations will charge $100-200. I know of a few landlords in Mission Hill who charge as low as $50/month for their parking, but that too is very rare.
Tandem parking is a way to save money and still have off-street parking. Tandem parking is where you share a parking row with one or two "tandem mates"--other car owners. Usually you establish a schedule or you have a key exchange you work out. In my opinion though, tandem parking seems like more trouble than its worth.
There are major benefits for having your own parking spot, of course. You save time each day by not having to scour and scout out an on-street spot. You can earn a break on your insurance rate for having off-street parking. You can keep your out of state insurance. And, if you have garage parking, you will not have to worry about shoveling snow in the winter. Even if you are parking "off-street, open-air", you shovel once and don't have to worry about someone taking your spot and mooching off your back-breaking labor.
On-Street Parking
The City of Boston offers a "free" on-street parking permit. In Cambridge it costs less than $25/year. If you have a car and are not renting a parking spot you should definitely do what it takes to secure a permit. You will save money in tickets and time by having more spots available to you if you have a parking permit for your area.
Here is a link to the City of Boston website that tells you how to go about obtaining a Free On-Street Parking Permit
Here is a parking link to the City of Cambridge
You do have to register your car in Massachusetts, and that does mean you will have to change your insurance and pay the Boston rates. I have had many clients tell me they were unwilling to do this because the cost was so high. However, when you break down the cost of a Free Permit plus Boston Car Insurance rates, you will discover that it is ALWAYS the cheaper option than to pay monthly for an off-street spot AND the car insurance rates from wherever you previously lived.
So, there's the roommate option. No big deal. In addition to lowering your monthly housing payment, you can split the cost of utilities as well as share the burden of furnishing the apartment's common areas and splitting the cost of staple supplies like sugar, spices, paper towels and toilet paper.
But choose the members of your crew carefully. You will have to live with them and rely upon their ability to make rent and participate in common space cleaning. You will have to tolerate them for an entire year if they prove to be awful roomies.
Long before you go knocking on a real estate agent's door, you should hold a serious meeting with your prospective roommates and determine compatibility.
Have a group interview
- Talk about location preferences
- Discuss a policy on overnight guests
- Agree on a cleanliness factor
- Create a budget for common expenses.
Also in this interview, discuss availability for apartment searching. You will be wasting your time and your real estate agent's time if you show up for an appointment to view properties with less than 100% of your group present or accounted for. Never never never believe your roommate when he tells you, "oh, you go look, whatever you pick is fine by me." That's absurd--they always change their mind!
What will happen is that you go out, find a sweet place, its in your budget, its in your location and its in good condition---it works and you know he'll love it too. You call him to say you are putting down the deposit. And what does he tell you? He tells you he wants to see it first. Every time!
What can you do? Risk your deposit money because the fool suddenly realized that the adults are talking at the table? No, you'll wait to put the money down. He'll try to schedule an appointment to see the property, and of course by the time he gets his lame butt over there, its gone. Every time!
Don't make that mistake. Get your ducks in a row in advance. Make sure everyone is present and accounted for on the day of the showings. Who can't spare two hours of their day for something so important as housing? Heck, good housing is so important, it would be completely acceptable to take an extra long lunch or even leave work early to git 'er done.
Cats and Dogs and Snakes, Oh My!
Pet Friendly Apartment Searching
Finding the right apartment for yourself is no easy task. Finding an apartment with a roommate or roommates is even harder. Finding an apartment for you, a roommate, and a pet may seem to be nearly impossible. A pet in Boston or Cambridge is considered both a luxury item and a liability. Landlords who allow pets in their apartments fall into three categories.First Category - Landlord Doesn't Care
Neither do they really care about you, nor do they care about the quality and condition of the apartment they offer you. All they care about is timely rent payment, and whether the market is hot enough to support this bastard attitude of theirs.
As long as the rent is paid on time, they would not care if a bull moose is living in the apartment with you. When you move out of the apartment, Fido may have destroyed the floor, FiFi may have shed eight pounds of dander, Fergie your roommate's anaconda may be living in the walls.
Landlord doesn't care. The next group of tenants will have to inherit that mess. You will see this first hand when you are the tenant inheriting the mess. The first category of pet friendly apartments is a complete "I don't care" scenario. When quality is no object, then this category is for you.
Hint: apartments in this category can be found by doing a cross-referenced search for Dog Friendly and No Pet Deposit.
Second Category - Landlord Cares via Property Management
Property managers maintain property and manage the tenancy. Some of these managers allow for pets. In this category, you will find that the owners' caring attitude is reflected by the quality of the housing they are offering.
Also in this category you will find the attitude that having a pet is pretty much a luxury. These landlords, via the property manager, will allow you to have a pet if you put down a pet deposit in advance or pay a slightly larger monthly rent. Pet deposits are usually around $500 per pet. Or a pet rental rent increase of usually between $25 and $50 per month occurs.
Breed restrictions usually apply. These are for dobies, pit bulls, rotties and other notorious biters. Some landlords restrict smalls dogs too because though not biters, they are yelping barkers. You won't know this, because you aren't home all day, but trust me---Toto barks...alot!! Mostly because he still has nuts.
Third Category - Landlords Cares But Does Not Charge Fee/Deposit
So this category is occupied by landlords who are personally involved in the operation of their property. In lieu of a rent increase or pet deposit, the landlord "interviews" your animal. Yes, they will interview the animal and/or ask for references from previous landlords. These landlords usually occupy a unit within the building. These are usually 2-4 family buildings.
A rough statistic for pet friendliness is as follows:
For every 100 apartments on the market, 25 will be pet friendly, only 10 of these will accept dogs, and only 1 will be a landlord not asking for a pet deposit. This statistic may be slightly rough, but in my experience its very close.
Dog Friendly apartments
You can live through a firecracker accident and with what's left of your hand count how many dog friendly apartments are available in Boston or Cambridge at any given time. This is not exaggeration. Dog friendliness and Boston/Cambridge Apartments are antithetical.
Small dogs are known to be yelpers. When you are not home, they yelp all day long. Big dogs are known to be biters, if a maintenance man comes to your apartment to fix the sink, a big dog may bite him. Both large and small breeds have toenails and as they plod around the apartment they can scratch up the surfacing and slowly but surely destroy the floor. These last three statements are worst case scenarios that comprise a major reason why you will not find an abundant supply of dog friendly apartments on the market.
And I know what your saying: My dog is good, my dog is well behaved, my dog won't do that! Fact is, its only 1 out of 100 times that you'll be able to present such a case, landlords just won't give you an opportunity to present your reasons or rationale.
Cat Friendly apartments
Usually three times as many cat friendly apartments as there are dog friendly ones. The major prejudice against cats is that dander regularly flakes off their skin and is a major allergen. Far-sighted landlords have future tenancies to think about. If the apartment has hosted a cat in the past, the marketability of the apartment in the future is affected by the presence of the cat dander allergens.You're a cat owner, so you don't notice this. But dander-allergic folks, the moment they enter the property, they swell and sneeze and convulse and leave. And there's just as many of them as there are of you.
Birds, Fish and Snakes (a.k.a. Exotic Animals)
Exotic animals often go under the radar. Pet restrictions may apply to them but they are not policed as well as Cat and Dog restrictions are. Birds can cause nuisance complaints if they chirp at odd hours, and they do--be careful on that one. Would suck to be evicted because of your bird.
While fish do not create nuisance issues, Fish Tanks constitute "water filled furniture" and on most leases you will see a clause stating that such furniture must be approved in advance. A fish tank could spill out, destroying the flooring in your apartment and perhaps even the ceiling of the apartment below you.
Snakes, like fish and birds do not get policed very often. Every so often, a snake gets out of its cage. In most cases this is not an issue. I know of one incident however, recently in Cambridge, where a 16-foot anaconda got out of its cage after and tried to attack its owner's roommate. The liability of snakes is obvious.
Regardless the type of pet you have, if you are considering a move in Boston, you will certainly find more places available if you leave your pet behind with friends or relatives. I know this is not an easy decision to make, but you must consider the quality of life you want to have in this city first.
What to Do with Your Car
Off Street vs. On Street Parking in Boston
Never should you let parking determine your housing search. I've had clients turn down seemingly all-around perfect housing opportunities because off-street parking wasn't available at that location. In every case this happened, I learned afterward that while they did find a place with parking the apartment was inferior in quality to the one they could have rented without a spot. If your housing search is equivalent to a sucking chest wound, then your parking spot search is like a hang nail or a knee scrape. Dress the parking wound AFTER you secure appropriate housing.Off-Street Parking
The difficulty level of finding an apartment that offers off-street parking approaches the difficulty level of finding a dog friendly apartment. Because off-street parking is rare, and because the demand for it is high, if you are going to get a parking spot it will surely cost you extra money. Even if the parking spot "comes with the apartment" the extra value is built into the monthly rent. This is true for all apartments with the exception of apartments located more than a 20 minute walk from a train line.
The going rate for an open air parking spot in the Back Bay ranges from $175-$250/month. Garage parking in that location ranges from $200-$350. Most other locations will charge $100-200. I know of a few landlords in Mission Hill who charge as low as $50/month for their parking, but that too is very rare.
Tandem parking is a way to save money and still have off-street parking. Tandem parking is where you share a parking row with one or two "tandem mates"--other car owners. Usually you establish a schedule or you have a key exchange you work out. In my opinion though, tandem parking seems like more trouble than its worth.
There are major benefits for having your own parking spot, of course. You save time each day by not having to scour and scout out an on-street spot. You can earn a break on your insurance rate for having off-street parking. You can keep your out of state insurance. And, if you have garage parking, you will not have to worry about shoveling snow in the winter. Even if you are parking "off-street, open-air", you shovel once and don't have to worry about someone taking your spot and mooching off your back-breaking labor.
On-Street Parking
The City of Boston offers a "free" on-street parking permit. In Cambridge it costs less than $25/year. If you have a car and are not renting a parking spot you should definitely do what it takes to secure a permit. You will save money in tickets and time by having more spots available to you if you have a parking permit for your area.
Here is a link to the City of Boston website that tells you how to go about obtaining a Free On-Street Parking Permit
Here is a parking link to the City of Cambridge
You do have to register your car in Massachusetts, and that does mean you will have to change your insurance and pay the Boston rates. I have had many clients tell me they were unwilling to do this because the cost was so high. However, when you break down the cost of a Free Permit plus Boston Car Insurance rates, you will discover that it is ALWAYS the cheaper option than to pay monthly for an off-street spot AND the car insurance rates from wherever you previously lived.
Boston Rental Market Timing
Know when to Start Looking
Fortunately for you, the Greater Boston Rental Market is a heart with a regular beat. The same set of folks come in and out every single year, to the beat of the same drums. This regularity makes it easy for you to know when to start looking for a new place to live.
Below is a list of months in the year, organized in order of popular moving date, along with the dates the apartments first go on the market.
#1 September 1st
Busiest moving day of the year. All year long, starting in December, you can find listings for September first. If you are an undergraduate student looking for off-campus housing you will want to start looking in December/January to rent a three bedroom or larger apartment. If you wait to February or March, you will be rummaging through left overs, the turkey carcass may even be picked so clean by then that you'll have to break up your groups in pairs and go looking for smaller units.
For undergraduate housing in the studio, ones and twos category, you can wait for February or
Know when to Start Looking
Fortunately for you, the Greater Boston Rental Market is a heart with a regular beat. The same set of folks come in and out every single year, to the beat of the same drums. This regularity makes it easy for you to know when to start looking for a new place to live.Below is a list of months in the year, organized in order of popular moving date, along with the dates the apartments first go on the market.
#1 September 1st
Busiest moving day of the year. All year long, starting in December, you can find listings for September first. If you are an undergraduate student looking for off-campus housing you will want to start looking in December/January to rent a three bedroom or larger apartment. If you wait to February or March, you will be rummaging through left overs, the turkey carcass may even be picked so clean by then that you'll have to break up your groups in pairs and go looking for smaller units.
For undergraduate housing in the studio, ones and twos category, you can wait for February or
March to role in before looking. For graduate students and professionals, you should start looking in May and June for decent September 1st housing opportunities.
#2 June 1st
Second busiest move-in day of the year. Its the month that hosts the start of summer, which mean many undergraduates leave and sublet or lease break. Its also the month that most medical residents prefer to start their tenancy.
New medical residents are annually "matched" to their hospital systems on Match Day, middle of March. From mid-March through June 1st, they come knocking on Boston apartment doors starting. They come in droves. They are super-qualified clientele, with perfect or near-perfect credit scores, good annual income, and there is an unspoken understanding that they will hardly ever be at the apartment, because they typically work 'round the clock during their residency. Medical Residents are the ideal tenants.
If you are considering moving in June 1st, know that this lease start date was practically invented to cater to medical residents and that they are your main competition. As I said, they come in droves for three months preceding June 1st and when they come they mean business. They typically sign a lease the same day they arrive and go back to wherever they came from until move -inday. There' s no beating around the bush with them, no "I have to think about it, I'll call you later", and no second thoughts.
So to the non-medical resident shopper, I say, start looking when they do, Mid-March, and don't be lackadaisical about it either. Bring your checkbooks! Real Estate Brokers and Landlords both will have their hands too full to give you the time of day if you want to view apartments empty-handed.
#3 January 1st
Most people do not realize this, but January 1st is the third most popular move date in Boston. This market was created by international researchers and college students coming to town for the first time to start Spring semester, or returning to town after Co-Op, Internship or Abroad Programs.
Berklee students account for a huge number of January 1st shoppers as well as Northeastern University Co-op students. The January 1st housing lists in a real estate office start filling up in the first or second week of November. Don't wait until Mid-December, you'll be left out in the cold!!
#4 August 1st
August is a weird month for housing, but not to say a bad one. Its actually gaining popularity. and could someday move up the list. The market for August caters almost exclusively now to graduate students.
Most graduate programs, especially law school programs, begin in the third or final week of the month. Since these programs force their students to hit the ground running, with super heavy lecture schedules and reading lists, graduate students do not want to worry about setting up their new apartments on September 1st. So they take a seat in August 1st. August 1st housing hits the market usually by the second week of June, in some cases earlier.
Because the type of housing available on August 1st has historically been rented only by graduate students, whereby graduate students are typically cleaner than undergraduate students, the quality of this housing is improved.
If you are moving on September 1st, you may consider forfeiting your last month's rent and nabbing one of the August 1st apartments. Getting off the September 1st cycle will help you in three ways:
#2 June 1st
Second busiest move-in day of the year. Its the month that hosts the start of summer, which mean many undergraduates leave and sublet or lease break. Its also the month that most medical residents prefer to start their tenancy.
New medical residents are annually "matched" to their hospital systems on Match Day, middle of March. From mid-March through June 1st, they come knocking on Boston apartment doors starting. They come in droves. They are super-qualified clientele, with perfect or near-perfect credit scores, good annual income, and there is an unspoken understanding that they will hardly ever be at the apartment, because they typically work 'round the clock during their residency. Medical Residents are the ideal tenants.
If you are considering moving in June 1st, know that this lease start date was practically invented to cater to medical residents and that they are your main competition. As I said, they come in droves for three months preceding June 1st and when they come they mean business. They typically sign a lease the same day they arrive and go back to wherever they came from until move -inday. There' s no beating around the bush with them, no "I have to think about it, I'll call you later", and no second thoughts.
So to the non-medical resident shopper, I say, start looking when they do, Mid-March, and don't be lackadaisical about it either. Bring your checkbooks! Real Estate Brokers and Landlords both will have their hands too full to give you the time of day if you want to view apartments empty-handed.
#3 January 1st
Most people do not realize this, but January 1st is the third most popular move date in Boston. This market was created by international researchers and college students coming to town for the first time to start Spring semester, or returning to town after Co-Op, Internship or Abroad Programs.
Berklee students account for a huge number of January 1st shoppers as well as Northeastern University Co-op students. The January 1st housing lists in a real estate office start filling up in the first or second week of November. Don't wait until Mid-December, you'll be left out in the cold!!
#4 August 1st
August is a weird month for housing, but not to say a bad one. Its actually gaining popularity. and could someday move up the list. The market for August caters almost exclusively now to graduate students.
Most graduate programs, especially law school programs, begin in the third or final week of the month. Since these programs force their students to hit the ground running, with super heavy lecture schedules and reading lists, graduate students do not want to worry about setting up their new apartments on September 1st. So they take a seat in August 1st. August 1st housing hits the market usually by the second week of June, in some cases earlier.
Because the type of housing available on August 1st has historically been rented only by graduate students, whereby graduate students are typically cleaner than undergraduate students, the quality of this housing is improved.
If you are moving on September 1st, you may consider forfeiting your last month's rent and nabbing one of the August 1st apartments. Getting off the September 1st cycle will help you in three ways:
- The same exact apartment could be probably $25-50/month cheaper since the demand is lighter
- The quality of the housing is improved, on account of a mature rental history
- You will experience less stress on a August 1st move day than you will on a September 1st. Moving trucks are easier to come by, so is on-street parking spaces near your building (where you'll have to park the moving truck), and since your landlord has fewer properties to turn over for 8/1 than on 9/1, your place will likely already be cleaned and painted by the time you move-in. (Something that rarely happens on time in a 9/1 apartment)
#5 July 1st
A full-on summer month. The second choice month for Medical Residents. Many working professionals, seasoned in Boston living, will decide to make their move on this month as well because they are looking to avoid the chaos of June 1st and September 1st markets. Your competition for this month is moderate, but so is the level of available apartments. Start looking for July 1st apartments in the first week of May.
A full-on summer month. The second choice month for Medical Residents. Many working professionals, seasoned in Boston living, will decide to make their move on this month as well because they are looking to avoid the chaos of June 1st and September 1st markets. Your competition for this month is moderate, but so is the level of available apartments. Start looking for July 1st apartments in the first week of May.
#6 April/May 1st
These two months experience pretty much the same volume of rental transactions, though May is slightly more competitive since it includes undergrads trying to break or sublet out of their leases in an attempt to get something on their own, or with a significant other. For April, start looking mid February, for-May start looking mid-March.
#7 October, November, December
The "Off-Season" in the Boston Market features leftovers from the September 1st market. The majority of what is listed has been picked over quite a bit for the past 2 to 6 months and is representative of stuff that was universally decided to be unfit for human habitation. This means you can get a great deal!!
Landlords with post-September vacancy are forced to realize the lowliness of their offering in one of two ways:
These two months experience pretty much the same volume of rental transactions, though May is slightly more competitive since it includes undergrads trying to break or sublet out of their leases in an attempt to get something on their own, or with a significant other. For April, start looking mid February, for-May start looking mid-March.
#7 October, November, December
The "Off-Season" in the Boston Market features leftovers from the September 1st market. The majority of what is listed has been picked over quite a bit for the past 2 to 6 months and is representative of stuff that was universally decided to be unfit for human habitation. This means you can get a great deal!!
Landlords with post-September vacancy are forced to realize the lowliness of their offering in one of two ways:
- They drastically reduce the rent and/or offer incentives (i.e. Free Rent, Bonuses to RE Agents)
- They spend some money updating and remodeling. Easier to convince them for updates under these circumstances, especially in late September/early October because the cost of vacancy (not getting rent) over the next few months is equal or greater than the cost of improvement.
#8 February, December, March
Like the post-September 1st housing market, the Dead of Winter housing market is slow and uninteresting. The majority of the inventory has been left over from September, the landlords are stubborn and do not update. A minority of places are decent and available only because of a sudden lease break, Tenant So-and-So loses his job and has to go home to live with his parents.
The prices now are often negotiable. Maybe the landlord will put in a dishwasher, maybe not. Perks are possible. But you still have to lug that couch from the moving truck up over a 3 foot mound of snow, balancing on ice sheets and into your 3rd floor walk-up. You DON'T want to move on these months if you can avoid it.
Preparing for an Appointment
What You Need on the Day of Showing
Whether you are going it alone or working with an agent, here is a brief summary of what you need to have with you on the day of your showings in order to be most competitive:- A Picture I.D.
- A Student I.D. (if you are a student)
- Verification of Employment (pay stubs or offer letter)
- I-20 Statement (if international)
- Current and previous landlord contact info (Student Housing Department # if student)
- A list or summary of previously viewed properties, including address and price
- A checkbook with clear funds at least equal to one months rent (if you do not have a bank account, then $500 cash for a quick temporary deposit, to buy you time to get a bank check or money order)
Upfront Costs and Lease Addenda
Make Sure Your Lease is Kosher
So you've written a few major checks in the past few weeks. You have been approved for the apartment you want! Congratulations!! But you're not out of the woods yet. Yes, you have been approved. Yes, you've laid down a deposit, which now counts as your first month's rent. But you still have to sign the lease and perhaps pay more money, such as Last Month's Rent, Security Deposit and Finder's Fees.
Most leases are standard forms created by the Rental Housing Association (RHA). Typically you will see a Standard Fixed Term Lease, or a Simplified Fixed Term Lease. Sometimes you will see a Self-Extending Lease.
The difference between a Fixed Term lease and a Self-Extending lease is that a Fixed-Term lease is set to expire on a certain day if you do not respond positively to the renewal notice your landlord sends out. A Self-Extending lease is set to renew if you do not respond to your notice or otherwise inform the landlord that you intend to vacate.
Some landlords use an Addendum, which contains additional clauses not found in the main lease. You should read addenda carefully as they may contain some restrictions. If your landlord has collected a last month's rent, you should have a Rent Receipt form that accompanies the lease. If your landlord has collected a Last Month's Rent and/or Security Deposit, you should have both a Rent and Security Deposit Receipt AND an Apartment Condition Statement accompanying the lease.
The Rent Receipt and Rent and Security Deposit receipt, once countersigned by the landlord, will contain the escrow account information where your money is being held. This is your money and you are entitled under Massachusetts General Law 186 to know where it is being held at all times. You are also entitled to receive interest on it under certain conditions.
An Apartment Condition Statement is a form document upon which the apartment address and unit number is listed as well as a statement of the condition of the apartment at the start of the tenancy. Usually, you see the standard statement apply: "this apartment is in good condition." You will have 15 days from the time you move in to review the statement and inspect the apartment. If you feel there is pre-existing damages, notify the landlord. Do not sign the condition statement. In a separate letter, list out the damages and reasons you disagree with the Apartment Condition Statement, send the landlord this letter along with the unsigned statement and keep copies for your records.
A landlord may collect no more than the following monies from you prior to your tenancy's start date:
Make Sure Your Lease is Kosher
So you've written a few major checks in the past few weeks. You have been approved for the apartment you want! Congratulations!! But you're not out of the woods yet. Yes, you have been approved. Yes, you've laid down a deposit, which now counts as your first month's rent. But you still have to sign the lease and perhaps pay more money, such as Last Month's Rent, Security Deposit and Finder's Fees.Most leases are standard forms created by the Rental Housing Association (RHA). Typically you will see a Standard Fixed Term Lease, or a Simplified Fixed Term Lease. Sometimes you will see a Self-Extending Lease.
The difference between a Fixed Term lease and a Self-Extending lease is that a Fixed-Term lease is set to expire on a certain day if you do not respond positively to the renewal notice your landlord sends out. A Self-Extending lease is set to renew if you do not respond to your notice or otherwise inform the landlord that you intend to vacate.
Some landlords use an Addendum, which contains additional clauses not found in the main lease. You should read addenda carefully as they may contain some restrictions. If your landlord has collected a last month's rent, you should have a Rent Receipt form that accompanies the lease. If your landlord has collected a Last Month's Rent and/or Security Deposit, you should have both a Rent and Security Deposit Receipt AND an Apartment Condition Statement accompanying the lease.
The Rent Receipt and Rent and Security Deposit receipt, once countersigned by the landlord, will contain the escrow account information where your money is being held. This is your money and you are entitled under Massachusetts General Law 186 to know where it is being held at all times. You are also entitled to receive interest on it under certain conditions.
An Apartment Condition Statement is a form document upon which the apartment address and unit number is listed as well as a statement of the condition of the apartment at the start of the tenancy. Usually, you see the standard statement apply: "this apartment is in good condition." You will have 15 days from the time you move in to review the statement and inspect the apartment. If you feel there is pre-existing damages, notify the landlord. Do not sign the condition statement. In a separate letter, list out the damages and reasons you disagree with the Apartment Condition Statement, send the landlord this letter along with the unsigned statement and keep copies for your records.
A landlord may collect no more than the following monies from you prior to your tenancy's start date:
- First Month's Rent
- Last month's Rent
- Security Deposit of One Month's Rent
- Key and Lock Change Fee or Deposit
If your landlord has collected money from you, you should make sure that the money is handled properly. If you are not presented with the above mentioned forms, then the landlord and the real estate agent are doing something wrong. In Massachusetts, the mismanagement of "escrow funds" is a serious offense. Landlords can face an automatic judgment with for mismanaged deposit monies. This fine can be up to Triple Damages plus the associated legal fees.
So there you have it, Ishmael, a complete guide to navigating these trouble waters. I hope it helps you on your journey.
Regards,
Robert Daniel Ortiz
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